Home Loans
With Federal Bank home loans , owning a home is easier than ever. Find your dream home, and Federal Bank’s seamless & affordable home loan options will make it happen. Find the best home loan interest rates with quick approvals and flexible repayment plans.
Get various types of home loans, like for construction of house, acquisition of land & construction of house, repairs / renovation / remodeling / extension of house, reimbursement of debt incurred for construction and purchase of flat / villa / takeover of housing loans etc. Let Federal Bank be your trusted partner in this important journey because your dream home deserves the right foundation.
Planning to apply soon? Don’t miss our article on the Five Essential Tips for Home Loan Applicants.
Build Your Dream Home
Federal Housing Loan Your dream home is never far away! Get hassle free home loans from Federal Bank to turn your dream home into reality. We assist you to realize your dream home. Avail your Housing Loan from us at competitive interest rates.
Loans for Purchasing Plots and Construction
Loan for Purchase of House Plots Are you having a residential plot of land in mind to buy? Realise your wishlist with our loan for purchasing house plots. With minimal documentation, you can get Loan amount
Home Loan EMI Calculator
Using a home loan EMI calculator helps you make an informed decision; it shows you the estimated repay amount on the home loan you borrow from Federal Bank. Our easy-to-use home loan EMI calculator enables customers to adjust the slider or add the exact number in the text box to display the EMI amount.
Here’s how you can use Federal Bank’s home loan EMI calculator:
- Choose the principal amount
- Enter the principal rate
- Select the loan tenure
- Enter the additional payment (in case if you want to repay additional amount)
- Hit the ‘Calculate’ to get your total payment
Features and Benefits of a Home Loan
Here’s a list of key features and benefits of a Federal Bank Home loan:
Home Loan Eligibility Criteria
We offer housing loans to both resident and non-resident individuals in India at attractive home loan rates, making the path to your dream home easier. Both salaried professionals & self employed individuals have flexible eligibility criteria. Meeting these criteria will make for a smooth approval process & will ensure we offer you the best terms.
For salaried co-obligants – 60 years or retirement age, whichever is earlier. At least 50% of repayment comes from the co-obligant’s income
For detailed information, please visit our Home Loan Eligibility Criteria page.
How to Apply for a Home Loan?
The process of borrowing a home loan from Federal Bank is similar to that of any other bank. You can either visit a branch or submit your contact details through the enquiry form.
Here’s what you should know to get a home loan:
1. Gather required documents
Collect KYC, income proof, and property-related documents before applying.
2. Visit a Branch
Fill out the application form and submit documents at your nearest Federal Bank branch.
3. Get Loan Sanction & Disbursement
Once verified, receive the sanction letter and the loan amount will be disbursed as per property status.
Home Loan Interest Rates and Charges
Federal Bank offers competitive interest rates on home loans, helping you finance your effortlessly. The rates are linked to the Repo Rate set by the Reserve Bank of India (RBI) and may vary from time to time based on changes made by the Bank or RBI.
Your interest rate will depend on factors such as loan amount, tenure, and applicant profile. With flexible repayment options and transparent pricing, we ensure you get the best home loan interest rates without hidden charges.
Documents Required for a Home Loan
To apply for a home loan, you’ll need to provide some key documents such as:
For more details, please visit the official page on Home Loan Documents Required.
Frequently Asked Questions- Home Loans
What is the Eligibility Criteria for a Home Loan?
Housing loans are granted to:
Individuals and Persons of Indian Origin (PIO) provided that the loan covered by primary / collateral security of immovable property in India in the name of PIO. The PIO should hold a valid PIO Card accompanied by a valid foreign passport. A close relative (as defined in Companies Act) residing in India should join as co-obligant to the loan.
What is the tenure of a home loan?
Maximum period of home loan for Resident customers is 30 years and for NRI customers is 20 years. Period of loan depends upon age of the Borrower also.
What are the documents required for availing housing loan?
Please refer documents required for Resident Salaried, Resident Self employed, Non-Resident Salaried and Non-Resident Self employed borrowers.
What is the interest rate for home loan?
Rate of Interest will change subject to the changes made by Bank/RBI from time to time. Please refer latest interest rates on housing loans. Whenever interest rates are changed, new rates and corresponding EMI shall be communicated to the borrower.
Who can be joint borrowers in case of a home loan?
Immediate family members such as your parents, spouse and children can be joint borrowers in case of a home loan.
How can I make repayment of housing loan?
Repayment of housing loans are to be made in Equated Monthly Installments (EMI).
What is EMI?
EMI stands for Equated Monthly Installment. It includes repayment of the principal amount and payment of the interest on the outstanding amount of your home loan. Your housing loan EMIs are fixed at the time of availing the loan. EMI's are used to pay both interest and principal amount of a loan in a way that over a specific number of years, the loan amount is repaid to the bank along with interest.
What are the factors affecting housing loan EMI?
- Principal - The principal is the loan amount that you avail from Bank. Lower principal will lower your EMI and vice versa.
- Rate of Interest - The rate of interest is the rate at which Bank offers you the loan. It is also directly proportional to your loan EMI.
- Tenure - The tenure or the period is the time within which you repay your loan. It is inversely proportional to EMI. It means longer tenure makes EMIs cheaper and vice versa.
What is Fixed rate of interest?
Fixed rate of interest means interest rate remains constant during the entire tenure of the loan.
What is Floating rate of interest?
Floating rate of interest means interest rate fluctuates based on the changes in RBI’s Repo Rate.
What is Repo Rate?
Repo rate is the rate at which Reserve Bank of India lends money to commercial banks in the event of any shortfall of funds. Repo rate is used by monetary authorities to control inflation.
What is Pre-EMI?
Under the Pre-EMI option, the borrower is required to pay only the interest on the loan amount that will be disbursed as per the progress on the construction of the project. The actual EMI payment starts after the possession of the house / flat.
How can I calculate home loan EMI?
You can calculate home loan EMI using our EMI calculator by entering principle amount, tenure, rate of interest etc.
What is an amortization schedule?
Amortization is a tabular schedule with details of interest payment and periodic principal of a loan along with the amount outstanding after each payment and the decrease of loan balance till zero.
Will I get income tax benefit on my Federal Housing Loan?
Yes, if you are a resident Indian, you are eligible for income tax benefits on both the principal and the interest of a Home Loan under the Income Tax Act.
Can I prepay my housing loan?
Yes, you can make your prepayment in either part or full.
What are the service charges for Housing loan?
Please refer service charges for Housing loan.
How can I get my foreclosure certificate from bank?
Please place the request for foreclosure certificate at your loan origination branch to know the principal amount outstanding for closure of loan and applicable charges.
When will I get the foreclosure certificate upon requesting for the same?
The Foreclosure Statement will be processed within 14 working days from the date of request. Federal Bank does not take any responsibility, and will also not be liable, for your claims if the details provided by you are incorrect /incomplete.
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